Airwallex Launches $100K Fund for Young AI Founders

This week, Airwallex co-founder Lucy Liu announced the launch of Latitude 37, a funding initiative offering $100,000 in equity-free capital to young Australian AI founders aged 25 and under. The goal of the program is to facilitate local innovation by providing grants, mentorship, and immersive experiences in tech hubs like Singapore and San Francisco. This move comes as the company responds to local scrutiny amid investigations into its financial operations.

Strategically, this initiative reflects a shift towards bolstering local entrepreneurship in Australia’s tech ecosystem, particularly for younger founders who traditionally face barriers in accessing capital. Liu pointed out that the increasing percentage of early-stage capital from overseas investors raises concerns about retaining decision-making power and value creation in the local landscape. This funding will aim to address these issues while positioning Airwallex as an active contributor to the growth of domestic talent in AI and technology.